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AltaGas ALA-T (Friday’s close $29.89) built a large bullish base in the shape of a “W” pattern from 2018 to 2020 (dashed lines). It had a breakout from this formation in 2021, reached a high of $26.94 in August, 2021 (A) and then settled in a narrow horizontal trading range mostly between $24 and $27 for about six months (dotted lines). The recent rise above this range signalled a breakout and the start of an uptrend toward higher targets (B).

Behaviour indicators including the rising 40wMA confirm the bullish status. There is good support near $27.50 to $28; only a sustained decline below ±$27.00 would be negative. Point & Figure measurements provide targets of $33 and $36. The large “W” formation supports higher targets.

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Monica Rizk is the senior technical analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 28/03/24 2:24pm EDT.

SymbolName% changeLast
ALA-T
AltaGas Ltd
+1.12%29.8

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